btec level 4 hnd diploma in business unit 6 management a successful business project 5039

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ASSIGNMENT 1 FRONT SHEET

Qualification BTEC Level 4 HND Diploma in Business

Unit number and title Unit 6: Management a Successful Business Project (5039)

Re-submission date Date rec v ei ed (2<small>nd</small> submission)

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<b>Internal Verifier’s Comments:</b>

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Signature & Date:

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Contents

<b>I. INTRODUCTION ... 5 </b>

<b>1.1 Brief company introduction ... 5 </b>

<b>1.2 Introduc on to the report... 5 </b>

<b>II. EXPLAIN AND EVALUATE THE STAGES OF THE PROJECT LIFECYCLE (PLC) AND THEIR IMPORTANCE TO THE SUCCESS OF A PROJECT ... 6 </b>

<b>3.2 Project scope ... 9 </b>

<b>3.3 Project budget ... 9 </b>

<b>3.4 Project meline ... 9 </b>

<b>3.5 Project resources ... 10 </b>

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<b>3.6 Risk management ... 11 </b>

<b>IV. EXAMINE AND EVALUATE A RANGE OF RESEARCH METHODS AND STRATEGIES AND THEIR IMPORTANCE TO PROJECT MANAGEMENT ... 11 </b>

<b>4.1 Secondary data collec on method for the project ... 11 </b>

<b>4.2 Primary data collec on method for the project ... 11 </b>

<b>4.3 Interview ... 11 </b>

<b>4.4 Survey </b>...12

<b>4.5 The importance of research methods to project management ... 13 </b>

<b>4.6 Data analysis ... 13 </b>

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5.2.4 Project quality management and control ... 17

5.2.5 Project risk management ... 17

5.2.6 Stakeholder Communica on and Project Resources ... 18

<b>VI. PRODUCE A DETAILED WORK BREAKDOWN STRUCTURE AND A SCHEDULE TO PROVIDE TIMEFRAMES AND STAGES FOR COMPLETION ... 19 </b>

<b>6.1 Work breakdown structure (WBS) ... 19 </b>

<b>6.2 Milestone of the project </b>...20

<b>VII.CONCLUSION</b> ... 21

<b>VIII. REFERENCES</b>... 21

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<b>IX. PROJECT LOGBOOK TEMPLATE ... 22</b>

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<b>I. INTRODUCTION 1.1 Brief company introduc on </b>

Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) was created in 1988 a er being split from the State Bank of Vietnam. A er over 33 years in business, Vie nBank has establish edit self as one of Vietnam's premier commercial banks, o ering unrivaled banking and financial products and services. Moreover, Vie nBank was the first bank in Vietnam to open a branch in Frankfurt on September 6, 2011, followed by a subsidiary branch in Berlin on May 28, 2012. In addi on, Vie nbank maintains agreements with over 1,000 agent banks globally (Vie nbank, 2023)

Vie nbank's Logo

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<b>1.2 Introduc on to the report </b>

The author is presently employed at Vietinbank and plays an important role in advising the Board of Directors (BoD) on the implementa on of the Corporate Social Responsibility project. The author is in charge of developing a study strategy to inves gate the in uence of Corporate Social Responsibility(CRS) on employee sa sfac on. Because, nowadays, CSR is a method of taking responsibility for a company's ac ons and suppor ng posi ve impacts on the environment, customers, workers ,communi es, and other stakeholders through ac vi es. CSR ini a ves not only assist society, nature ,and the community in which the company works, but they also help the rm obtain compe ve advantages such as brand recogni on, employee reten on, and excellent investor connec ons. The author will develop a comprehensive Project Management Plan (PMP) that covers the project scope ,milestones, deadline, quality, risks, communica on,

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resources, and research approaches, as well as primary or secondary, quan ta ve or qualita ve, survey or interview data collec ng. Further more ,the study examines the stages of the Project Life Cycle (PLC) and describes the components of the Project Management Plan (PM P)

<b>TO THE SUCCESS OF A PROJECT 2.1 De ni on </b>

The stages of the project lifecycle The project life cycle outlines the steps required for project managers to successfully manage a project from start to nish. The project life cycle is divided into four phases (also known as the four process groups): beginning, planning, carrying out, and comple on (Project Management Ins tute, 2021).

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The Project Life Cycle

<b>2.2 Project Ini a on </b>

The development of a project's ini al goal and technical speci ca ons is referred to as conceptualiza on. The scope of the work has been determined, the required resources (people, money, physical, plant) have been iden ed, and key organiza onal contributors or stakeholders have agreed to par cipate (Project Management Ins tute , 2021).

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Project ini a on in the product life cycle (PLC) plays a cri cal role in shaping and driving the success of a product or service in the marketplace. This phase is an opportunity to capture and re ect market needs, create innova on and de ne speci c project goals. It is also the me to gather resources and establish a detailed plan for project implementa on. By ge ng o to a strong and strategic start, the project will have a be er chance of succeeding and overcoming development challenges and pushing the product or service to the next level. market.

<b>2.3 Project Planning </b>

All detailed speci ca ons, schema cs, schedules, and other plans are created during the planning stage. Individual project pieces, known as work packages, are broken down, individual assignments are made, and the comple on process is clearly de ned(Project Management Ins tute ,2021)

Project Planning plays an undeniable role in product life cycle management (PLC - Product Life Cycle) because it is the most important step to shape and adjust all ac vi es. In each phase of a PLC, from development to marke ng to maintenance, a project plan helps de ne speci c goals and manage resources such as human resources, materials, and budgets e ec vely. e ec ve. Es ma ng me and budget for each phase is an important part of the project plan, helping to ensure progress and product quality. The project plan also helps iden fy and evaluate possible risks. arise, thereby taking preven ve measures and adjus ng plans when necessary. By optimizing all ac vi es in each phase, the project plan helps enhance product performance and compe veness in the market. school. Therefore, project planning is considered an important factor determining the success of a project in PLC.

<b>2.4 Project Execu on </b>

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The actual "work" of the project, the system developed, or the product created and fabricated, occurs during execu on. The majority of project team labor is completed during the execu on phase (Project Management Ins tute , 2021)

During project implementa on, the implementa on phase plays an extremely important role. This is the stage where plans are converted into concrete ac ons, tasks are implemented and speci c goals are achieved. The importance of this stage comes from the fact that it provides an opportunity to turn ideas into reality and achieve the intended results. During the implementa on phase, important ac vi es include schedule management, risk management, resource management, and quality control. Schedule management helps ensure that tasks are performed on schedule and according to plan. Risk management helps iden fy and

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minimize risks that may a ect the project. Resource management ensures that resources are used e ec vely. Quality control ensures that the nal product or service meets quality standards and customer requirements. The implementa on phase is a key step in turning plans into ac on and achieving project goals.

<b>2.5 Project Closure </b>

The completed project is transferred to the customer, its resources are reassigned, and the project is formally closed out. As speci c sub ac vi es are completed, the project's scope shrinks and costs fall rapidly(Project Management Ins tute , 2021)

Project closure is an important phase in the project management process, especially in the product life cycle model. The importance of project closure cannot be denied. This is an opportunity to evaluate whether the project has achieved its initial goals, thereby evalua ng the success of the project and learning from failures. failure and success. Project closure frees up resources and nances for other projects or for other organiza onal ac vi es, thereby op mizing resource use. It also marks the deployment of a new product or service into produc on or market, crea ng opportuni es for businesses to a ract customers and increase sales. Successful project comple on also increases shareholder and stakeholder con dence and provides a basis for support for future projects. Project closure is not just the closure of a phase, but also an opportunity to learn, improve and progress further in project management and business development.

<b>(PMP) 3.1 Project objec ve </b>

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Project goals are clear and simple. These are the business goals you want the project to accomplish. In project management, it is most important to clearly state the project goals, as these goals will in uence every decision during the project's life cycle. Project objec ves must be measurable and contain key performance indicators that will be used to evaluate the overall success of the project. These metrics will o en include criteria such as budget, quality, and comple on me (Travel, 2022)

Se ng goals at work plays an extremely important role, not only helping to determine direc on but also shaping speci c steps to achieve personal and organiza onal goals. Se ng and achieving goals also demonstrates an individual's commitment to the growth and success of the organiza on. Se ng goals gives you a clear direc on. Speci c goals help you know the path you are on and how to go further in your career. Goals help maintain mo va on. Speci c goals are a source of encouragement to help you constantly strive and

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maintain diligence. By de ning clear goals, you can easily track your progress and evaluate yourself. Breaking a project into sub goals makes it easier to tackle larger tasks. Instead of feeling overwhelmed by a large project, you can break it down into smaller steps and easily manage your me and resources. Se ng goals helps you manage your me more effec vely. By se ng speci c goals and se ng deadlines, you can focus on your work in an organized way and avoid distrac ons (admin, 2022)

<b>3.2 Project scope </b>

The project scope encompasses everything about a project, including both work material and intended outcomes. The project scope consists of specifying the opera ons to be undertaken, the resources used, and the final products that result, including quality requirements. The scope of a project encompasses its aims, limits, and limita ons. Scope management is the role of regula ng a project in terms of its goals and objec ves through the steps of conceptual development, complete de ni on, execu on, and termina on. It serves as the founda on for all project ac vity and is thus the pinnacle of predevelopment planning. The scope management process includes of numerous unique processes, all of which are centered on genera ng a systema c set of plans for the impending project (Pinto, 2019)

<b>3.3 Project budget </b>

Project budget is the basis for direc ng and managing spending plans for project work as well as reporting project progress, and is also the basis for evalua ng the estimated cost of a project. before project implementa on. The list iden es costs for each job as well as the total es mated project costs. (VietnamBiz, 2020)

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Budge ng is undeniably important and there are many reasons that make this obvious. This helps the company shape its opera ons and be er understand priori es and resource alloca on helping to op mize resources and reassess areas for improvement. Another important part of budge ng is the ability to set realis c goals. By knowing its nancial situa on, a company can set speci c goals and estimate the me and resources needed to achieve them. Budge ng helps decisions to be supported by numbers and real data, helping to create con dence and certainty in a company's decisions. Having a clear budget and understanding the nancial situa on also helps the company adapt exibly to changes and take advantage of new opportuni es (admin, 2021)

<b>3.4 Project meline </b>

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A project meline is a mechanism for communica ng the tasks that need to be completed and alloca ng resources to complete those tasks within a speci c me frame. A project schedule is a document that collects all the work required to deliver the project on me (VietnamBiz ,2019)

Project meline management in PMP plays an important role in ensuring project success. By iden fying and managing the me required for each task and project phase, we can ensure that the project is implemented on time and according to plan. Project meline also helps manage risks by iden fying and evalua ng me-related risks, thereby providing e ec ve preven on and treatment measures. Project meline also assists in synchronizing ac vi es between departments and project members. By determining the start and end mes of each task, we can op mize collabora on and increase the produc vity of the en re project team. Project meline provides the informa on needed to put make management decisions, helping us iden fy required resources, allocate resources and manage change plans e ec vely.

<b>3.5 Project resources </b>

Project resources are indispensable factors for successful project implementa on. For each project, resources can be classi ed into human resources, physical resources, nancial resources, me, informa on, and technology/tools. Human resources are the members of the project team, including managers and related professionals. Physical resources include machinery, equipment, and materials needed for the project. Financial resources are sources of money or other nancial resources to purchase other resources and carry out projects. Time is considered an important resource, me management ensures that projects are completed on time. Informa on includes data, informa on and knowledge necessary for the project to run smoothly. Finally, technology and tools play an important role in project implementa on, including so ware,

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hardware and other technologies. Managing and using these resources effec vely is crucial. important factor to ensure project success. ( Thành , 2023)

Project resources play an undeniable role in the project implementa on process. They are essen al elements to ensure that all ac vi es run smoothly and that the project achieves its goals. Human resources play a central role, with the coordina on of project team members along with strict management from the project manager. Physical resources and nancial resources also play an important role, ensuring that the project has enough resources to complete the work. Time is carefully managed to ensure that the project runs on schedule and on me. Informa on and technology also play an important role in suppor ng decision-making and problem-solving processes in projects. Using the right technology and tools increases produc vity and

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reduces risk. Good management of project resources is the key to achieving success and comple ng projects e ciently.

<b>3.6 Risk management </b>

Risk management, which acknowledges that each project has the poten al to fail, is described as the art and science of recognizing, assessing, and responding to risk factors throughout the life of a project and in the best interests of its objec ves. The dis nc on between ini a ves that fail and those that succeed has nothing to do with the fact that one has fewer challenges than the other. Rather, the importance is in the strategies in place to deal with di cul es when they develop. Project risk is de ned by the Project Management Ins tute as "an unpredictable occurrence or condi on that, if it occurs, has a posi ve or nega ve influence on one or more project objec ves." This term is signi cant because, unlike in the past, when project risk was expected to result in bad outcomes, it is today acknowledged as a source of either opportuni es or threats (Pinto, 2019)

<b>IMPORTANCE TO PROJECT MANAGEMENT 4.1 Secondary data collec on method for the project </b>

Secondary data encompasses datasets collected by individuals other than the current user, enabling researchers and data analysts to construct extensive, high-quality databases to address business challenges. Incorpora ng secondary data into their datasets enables analysts to elevate the quality and precision of their insights. While a signi cant por on of secondary data is sourced from externalorganiza ons, it also includes data ini ally collected within an organiza on and subsequently repurposed (Hillier, 2022). Among other sources, compiled data refers to government publica ons ,books, journals, industrial sta s cs,

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and reports (Perez- Sindin , 2017). In this research, secondary data about CRS were sourced from ar cles and websites associated with Vie nbank

<b>4.2 Primary data collec on method for the project </b>

Primary data is data created by the researcher himself/herself, such as surveys, interviews, and experiments developed speci cally for understanding and solving the study topic at hand (Wagh,2023)

<b>4.3 Interview </b>

An interview is a conversa on used to obtain informa on. A research interview consists of an interviewer who supervises the course of the discussion and asks ques ons, and an interviewee who answers

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those ques ons. Interviews can be done in person or over the phone. The Internet is alsogrowing as a tool for conduc ng interviews (Eswaramoorthy & Zarinpoush, 2006)

Advantages: Interviews provide a deep and detailed understanding of par cipants' views, feelings and experiences. This method is exible, allowing ques ons and responses to be adjusted based on context and par cipant feedback. Crea ng personal rela onships also helps generate quality data and encourages honesty in communica on. The combina on of quan ta ve data and interviews helps create a comprehensive and in-depth view of the research topic. This demonstrates the importance and value of interviews in gathering quality informa on and in-depth understanding of research issues.

Disadvantages: Interviewing requires a large investment of me and resources, especially when data needs to be collected from mul ple sources. Organizing and conduc ng interviews requires high costs, from travel to vehicles and recording equipment. Results from interviews may be inconsistent and discon nuous due to the diversity of opinions and responses from di erent individuals. There is a risk of bias on the part of the interviewee, making the data collected unreliable. Finally, analyzing data from interviews can be complex and me-consuming due to the diversity of opinions and perspectives. To solve these problems, research needs to carefully calculate and consider the use of interviews in its research methods.

<b>4.4 Survey </b>

A survey is a method of gathering informa on from a group by posing ques ons through online oro ine ques onnaires. The primary objec ve is to collect representa ve data, enabling researchers todraw conclusions or make informed decisions. Successful survey design involves cra ing clear,concise, and unbiased ques ons, avoiding any that might in uence responses. The goal is to ensurethe accuracy and

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reliability of the collected data, enhancing the survey's e ec veness in providingvaluable insights (Bhat, 2023). Advantages : Survey methods play an important role in research and evalua on because they have many signi cant advantages. Surveys allow data to be collected from a large number of par cipants, thereby crea ng a rich and diverse data set, making the research more representa ve. This method is o en easy to implement and saves me compared to other research methods such as direct interviews or observa ons. This convenience helps reduce costs and e ort invested in the data collec on process. Addi onally, data from surveys is o en easy to analyze, helping researchers be er understand trends and rela onships in the data. Con den ality of informa on is also guaranteed when using this method, ensuring privacy for participants. Surveys also bring high reliability if done carefully and scien cally. Ques ons in the survey can be adapted and reused for future studies, saving researchers time and e ort.

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Disadvantages : Surveys, although a popular and useful research method, are not without their drawbacks. In some cases, surveys can introduce bias due to the way the ques ons are designed, their order, or the way they are phrased, a ec ng the objec vity of the results. This bias can come from the person collec ng the data, as well as from the survey par cipant. External factors such as mood, environment, or uncertainty can in uence how the par cipant reacts. answer ques ons, causing inaccurate or unrealis c expressions. Surveys can have di culty collec ng reliable data, especially when par cipants do not answer honestly or do not remember the requested informa on accurately. For issues that are complex or require in-depth explana ons, surveys may not be su cient to gather the necessary informa on, thereby limi ng the ability to gain in-depth understanding of these issues.

<b>4.5 The importance of research methods to project management </b>

A solid research technique is cri cal for giving research a empts legi macy and assuring scien cally reliable conclusions. It func ons as a precise blueprint, direc ng researchers through a smooth and e cient procedure while providing clarity about the strategy and methodologies used. A good methodology may help other researchers replicate it, answer cri ques, provide a precise strategy for the study, aid in technique selec on, and establish the planned research objec ves from the beginning. In general, a well-structured research technique is essen al for delivering trustworthy ,reproducible, and meaningful study results (Indeed, 2023)

<b>4.6 Data analysis </b>

4.6.1 Descrip ve sta s cs

Data analysis is an important part of the data research and discovery process. Descrip ve sta s cs is an

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important tool in data analysis, helping us have an overview of the main characteris cs of the data set. By using sta s cal methods such as mean, variance, frequency distribu on and other measures, we can understand the varia on, distribu on and diversity of data. Descrip ve sta s cal analysis provides an overview and is the basis for further development of more complex data analysis methods such as linear regression and analysis of varia on.

Advantages : Descrip ve sta s cs plays an important role in analyzing data and making basic statements about the data set. This helps researchers gain an overview and be er understand key characteris cs of the data quickly and easily. By using graphical devices and descrip ve sta s cal indicators such as averages, variances, percen les, and histograms, we can detect trends, correla ons, and uctua ons in data quickly. clear and intui ve way. This helps make decisions and make ac on plans based on informa on more grounded

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and e ec ve. Descrip ve sta s cs is not only a useful tool in summarizing and describing data but is also an important step in preparing for subsequent analysis and decision-making useful for the research and management process.

Disadvantages : Descrip ve sta s cs is an important tool in synthesizing and describing data in a simple and understandable way. However, this method also has its own disadvantages that need to be recognized and considered. One of the main disadvantages is the limited ability to provide insights into the data. Descrip ve sta s cs o en only give us an overview of the data without providing a detailed explana on of the rela onships between variables. This can reduce the ability to gain a deeper understanding of the cause and e ect of phenomena. In addi on, this method also fails to represent data uctua ons over me or between groups, contribu ng to the loss of diversity and richness of the data. To overcome this drawback, combining descrip ve sta s cs with other sta s cal methods can be an e ec ve solu on, helping us have a more comprehensive and detailed view of the data.

4.6.2 Linear regression

Linear regression is an important data analysis method in sta s cs and research. It helps us understand the linear rela onship between a dependent variable and one or more independent variables. By building a regression model, we can predict the value of the dependent variable based on the values of the independent variables. The process of performing linear regression includes selec ng variables, ng the model, evalua ng and interpre ng the results. Although linear regression has disadvantages such as requiring assump ons about the distribu on of the data and linear rela onships between variables, it is s ll a powerful tool for research and predic on in many other elds together.

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